Mortgage rates during the coronavirus
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
Mortgage rates in the Cornhusker State average 4.545% for 30-year fixed-rate loans and are slated to average about 4% in the coming year.
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How much do Nebraska rates vary?
In Nebraska, 30-year mortgages averaged between 4.448% and 4.664% in 2018. A few components go into determining your interest rate, like loan type and terms. Conventional loans usually have higher interest rates, but fewer borrower and property limitations than government-insured options like FHA, VA or USDA loans.
2018 average rates in Nebraska by loan type
|Loan type||15-year average rate||30-year average rate|
Based on data from ffiec.cfpb.gov.
Even a fraction of a percent difference in interest rate can translate to overall savings. A $145,000 30-year conventional loan at the average rate might have a monthly payment of $750, excluding taxes and fees. But a $145,000 VA loan might cost $730 per month.
Although the difference may be less than $20 a month, it could also translate to a difference of $6,720 over the life of the loan.
Which way are rates trending in Nebraska?
Nebraska mortgage rates should hover around the 4% mark.
Historically, interest rates in Nebraska have been generally higher than those of the rest of the country. Within the last five years, Nebraska rates have been 0.04% to 0.11% higher than the national average, with the exception of 2017, when it came in slightly lower at 3.98%.
As housing agencies in the US forecast an average 30-year rate of 3.7%, Nebraska mortgage rates will likely come in a bit higher.
Compare mortgage rates throughout Nebraska
Mortgage rates vary based on the location of the property. For instance, Lincoln has a lower average mortgage rate than Grand Island. But with average home prices $30,000 higher in Lincoln, you can expect monthly mortgage payments to be higher in that region.
Using data from the Home Mortgage Disclosure Act, we’ve provided a snapshot of what you might pay on a 30-year mortgage in different metropolitan areas in Nebraska. These estimates may change depending on your taxes and mortgage-specific costs.
|Metropolitan statistical area (MSA)||Average mortgage rate||Median loan amount||Estimated monthly cost|
|Omaha MSA (Cass, Douglas, Sarpy, Saunders and Washington Counties, NE)||4.612%||$185,000||$950|
|Sioux City MSA (Dakota and Dixon Counties, NE)||4.692%||$135,000||$700|
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Nebraska
Implement some of these strategies to gear up for a better rate on your next mortgage.
- Compare loan products. Lenders generally offer several kinds of loans with differing rates. Take a look at the interest rate and eligibility requirements for each loan program.
- Pay attention to your credit. Borrowers with good to excellent credit usually get the best rates from lenders. Before applying for a loan, pay off debt and increase your credit score to help you qualify for the best rate.
- Plan for closing costs. Closing costs in Nebraska range between 1.01% and 2.02% of the purchase price of the home. Consider these closing costs in conjunction with your interest rate to see the actual cost of your loan.
Historical mortgage interest rates in Nebraska
Although mortgage rates in Nebraska typically hover slightly above the national average, your lender sets your exact interest rate. Compare loan products and lenders to make sure you’re getting the most competitive rate.
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